AMA RECAP : CRYPTO CHALLENGERS x CONCORDIUM
Venue : CryptoChallengersD
Date : 0 APR 2022
Time : 05:00 PM UTC.
They shared detailed information and his opinions about the project CONCORDIUM
SEGMENT 1 INTRODUCTION.
1. Could you Guys please provide a quick self-introduction for the community?
Sure can. So Concordium was set up in 2018 -2019 by Lars Seier Christensen who was following blockchain but couldn’t find what he was looking for. Story has it Cardano offered him to join their network. And Lars said no.
But those are just the rumors you seeLars went back from dinner and wrote a manifesto. What was missing he thought in this world of layer-1 blockchains?1) Regulation was coming. That he knew from his time at Saxobank. Yes it was coming and regulators worldwide would not leave blockchain alone2) Science needs to back all the developments in the blockchain. Funnily enough there was a big division between cryptographers/phy and the blockchain industry.
3) Sustainability is key.
He wrote the manifesto, established Concordium Foundation. and the rest is history.We had 4 testnets, and launched our mainnet in mid 2021. We listed earlier in the year.And today we are listing again with some great exchanges
2.Can you briefly introduce the project CONCORDIUM what are some of utlities of $CCD ? How do you think you stand out among the competitors if there are any?
So we are the first layer-1 blockchain with ID layer built in at the protocol layer. This means that we can conform to regulation when it comes.
2) We work hand in hand with some of the best cryptographers in the world
3) We have a 2 layer consensus mechanism which prioritizes finality alongside transaction speed. We believe blocks should be finalized once and done. No roll backs
We are great believers in stable, predictable transaction fees. We got a system to ensure that no matter what, for the same types of transactions you will pay the same. In euro terms
Last but not least we are probably one of the most sustainable proof of stake blockchains out there
3. Can you share the achievements the team has made so far ? what are the major achievement target CONCORDIUM is yet to achieve . If possible also share your roadmap.
So achievements to date.
Besides testnets, mainnets and over 250K community built over a short period of time.
We have already rolled out a number of releases on our blockchain. and are making great progress in onloading use cases.
We have a great community which you can learn about more here: https://concordiumprojects.com/projects
And have great plans in our upcoming release. More can be found here: https://www.concordium.com/roadmap
But we still have a very very long way to go. We are set to take blockchain mainstream. In front of enterprises worldwide.
We are building our our ecosystem and arming developers with a set of building blocks or easy to use no code/low code tools.
We are still driving traction in the industry and have yet to expand to additional regions.
Bottom line the future is big and wide and we will succeed.
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your platform?
Security is key here at Concordium. Not only of the network — which of course has the best cryptographers in the world working with us.
But also of the users privacy
Which means that we are built to be GDPR compliant, even if every user is identified and verifyied before using the chain.
We’ve been audited in terms of security by the best Kudelsky I believe.
And we use the most advance ZKP technology to keep the user’s privacy too.
Incentives for using our platform? Well besides the fact that we are compliant by design, and private by nature?
Those would go back to the fast finalization w/o roll backs
The low and stable transaction fees.
And the team. The team here is amazing! I mean you’re talking about a lot of people with a ton of experience. Yes many from the financial industry. But you need those people too if you are going to make blopckchain a building block of any and every enterprise out there.
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
First you need to read our tokenomics paper: https://assets-global.website-files.com/6172c154c6a83e2a4713d1af/620fc5e2127a216b88c9d687_Tokenomics%20One-pager%2018%20February%202022.pdf
This one here. I know, I know TL;DR. But really you have to educate yourselves before investing. B Smart with your money!
Concordium also boasts one of the most interesting token distribution plans in the space given the focus on Developers and Enterprise partners with more than 70% being issued to people building on the ecosystem.
- 10 billion ccd at launch
* CCD growth rate targeted long term at 2% p.a.
* Newly minted CCD used for:
— incentives to bakers and finalizers
— 10% Platform Development Charge to the Concordium * Foundation for ensuring further development and promotion of the blockchain
* Transactions fees will be stable vs EUR, enabling businesses to plan operating costs
* Staking program incentifying CCD holdings will be implemented after launch
SEGMENT 2 TWITTER QUESTIONS.
1.It caught my attention that Concordium has an identification layer for compliance with the regulations,could you explain to us what would be the legalities of the documents that Concordium obtains in order to operate? Also, how can we ensure that investing in Concordium is safe?
So we ensure that everyone transacting on our network is properly identified and vetted, using external identity verifiers.
They do the hard work of making sure every user using Concordium is who they say they are.
Right then they provide the user an id. This id allows them to transact in the network. We don’t know who you are, only that you have been verified. And are allowed to transact
Transact transact, and then boom. The regulator suspects a transaction of malign usage. Goes to court of law, and they say, privacy must be revoked.
So then they get a court order, take to what we call an identity revoker. They work with the provider to provide information of who it is.
You are secure because your personal information is not stored on the chain. So even if someone attacks the chain, nope not happening.
We are also completely compliant there with GDPR and the likes.
We use Zero-knowledge proofs and our users are completely sovereign over their identities and their information. You decide what you want to share with which application.
2.How can the project protect its NFT copyrights? What benefits will holders of the project’s NFTs have?
As we all know the NFT market is booming. But along with the boom 💣 comes the fraud.
And just think about the artists.
They too have had their stuff stolen, copyrights enfringed etc.
So again, using our identity layer, we can confirm that 1) the artist is who he says he is 2) that he is legit 3) that the IP is his and 4) that you are buying from a legit player who has been properly vetted by us?
Well not us us
By our community. I mean did you guys have an opportunity to listen in on our AMA the other week with one of our ecosystem partners Bictory. Great gig. And yes I did that one too.
Bottom line they explained real well how with Concordiums’ ID layer, we can protect not only the NFT makers but the NFT buyers. I mean K A B O O M!
3.An interesting thing about Concordium is the privacy and verification of the identity of the users, since the data are only from the users and are guaranteed by zero-knowledge tests. But, can you explain how these zero-knowledge tests work? How secure and reliable are they?
I can approximate.
So first of all it is important to note that the father of Zero-knowledge proofs works with us at Concordium. Yep that would be Torben P, father of the Pederson Commitment. So you can be assured that we are the best of the best.
2…. we have a great team working on this alongside with him from ETH in Zurich, to ITU in Denmark to the Indian University in Delhi. So we’ve got a lot of very smart people making sure the our algorithms are top notch.
3. how does it work? Well as I said the data is kept off chain by a group of trusted identity verifiers/validators etc.
Our algorithms know to ask this data set the right set of questions. Like is it a male? Is he/she over the age of 18? With zero knoweldge proof — you only get the answer to the question. Without the data. But you know that the data has been vetted.
Its kind of like showing everyone that you know where waldo is without ointing him out in the poster.
4.Many blockchain projects exist to sell their tokens and subsequently morph into a rug-pulling project after profiting from the presale. What can #concordium do to make us feel more at ease about participating in the Presale and investing?
First of all it is looking at the team in place.
You don’t put together such a team to up and scam
Second it goes back to our founder Lars. Lars established Saxo Bank all those years ago. As he has been quoted on saying, I worked for 25 year at Saxobank to make it a success. And he thoroughly intend s to work another 25 years if needed to make sure that Concordium is a success.
Concordium is fully funded, and has a great grace period with enough of a runway. So until our community is fully loaded, you know that there are a lot of smart people working tirelessly to make sure that the network is the best.
Also important to note that the foundation is a non-for-profit — which means everything we could possibly earn goes right back into building this amazing network.
No one is here to scam anyone. You can here our founder saying that himself in our AMA series off-the-blocks. Every other Weds at 2 pm CET. Have a listen for your self: https://www.youtube.com/watch?v=MCWKt5QKV6Q
5.#Concordium is a Layer 1 Blockchain using PoS with an ID layer at the protocol level. So as a regulatory-compliant blockchain, can you explain further how do you protect users’ privacy using “Zero-knowledge-proof”?
Here’s more info. Zero knowledge proof is super interesting tech!
You can also find our more about it here: https://www.youtube.com/watch?v=NomFNBdp6Sg
BTW — this is really cute too: https://www.youtube.com/watch?v=fOGdb1CTu5c
SEGMENT 3 TELEGRAM LIVE.
Do you have any..
1️⃣- Telegram Group
3️⃣- Tiktok Channel
For this project? From there where can I get the latest information, what social media can I follow to get the latest Your project information? Thanks
[In reply to Natasha]
Absolutely: To find our latest go to www.condordium.com
Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?
[In reply to Mariya Jan]
Already doing so. We’ve got a lot of NFT projects utilizing our blockchain. To name a few: Bictory, SpaceSeven, Tacans, Hypery, and more. To find out more about our community projects: https://concordiumprojects.com/projects
Concordium to utilize its Identity Layer to serve as a bridge for traditional investors through the use of Fiat on Ramp Services. Does #Concordium have a DEX or any dApps trading yet? Kindly tell us more about your identity layer and it’s advantages?
[In reply to Carlos]
Hey Carlos, so yes we can use our identity layer as our brigde to mainstream. I mean we all know that enterprises cannot live with anonymity. They need to be able to report, and exchange inforamtion. They need to stand up to scrutiny. Therefore — being compliant and choosing a technology that is compliant is important to them. Find out more here: https://t.co/LEbNJjNykx. Do we have a DEX and dApps running not yet but soon. Follow our community projects here: https://concordiumprojects.com/projects
Sir Which one is more important to you:
✌️If all of the above is important to you, which should come first??✌️Thanks
[In reply to Novia rani]
How can I really answer that. All of them are important. But I think that at this juncture community is most important. I mean who will stand by us until we make it big? And token price is just a reflection of making it big. And investors we all know.
•Also all the links to all your social media platforms if possible? And,which exchange is it available ?
[In reply to Mariya Jan]
Learn more: https://concordium.com
One more. Reg DeFi. Learn more how we intend to build the next wave of regulated decentralized finance applications. Learn more here: https://bitcoinpress.co.uk/a-new-era-of-defi-applications-set-to-take-blockchain-mainstream/
No Thank you and your wonderful community. Thank you for hosting me!
Hope to see you all soon. And yep we are a good bet for the future.